Cryptocurrency Markets Falling After Recent Rise, Most Coins In The Red

The cryptocurrency market is experiencing lows across the board today, Jan. 14, with only three of the top 20 coins on CoinMarketCap in the green.

The total market cap remains around $692 bln, still recovering from the Jan. 11 drop to around $630 bln.

Big drops

Altcoin Ripple (XRP), which had been up 18 percent as recently as Jan. 12, showed about a 10 percent loss over a 24-hour period to press time.

XRP had seen a significant rise after the altcoin had announced news of a partnership with MoneyGram on Jan. 11, but may have fallen after MoneyGram’s clarification that they are strictly using the altcoin for a pilot program:

Hello, This is a pilot program being tested on internal MoneyGram International processes and is not intended for consumer use.

— MoneyGram (@MoneyGram) January 11, 2018

Altcoin IOTA has experienced a similar drop in early December after clarifying that Microsoft was not officially their partner, as the altcoin’s blog had indicated, but rather a participant in their marketplace.

Altcoins Cardano and Tron have both seen about 13 and 17 percent drops respectively over 24 hours, with Cardano selling for about $0.76 at press time and Tron selling for about $0.92.

The largest drop today is altcoin RaiBlocks, down around 16 percent over 24 hours and in 20th on CoinMarketCap, selling for $21.19 at press time. RaiBlocks was also one of the only two coins in the red on Jan. 12 when the rest of the market was up.

RaiBlocks’s fall could be attributed to recent reports of a compromised web wallet for the altcoin, which has since been taken offline.

The only gains

Ethereum Classic (ETC) has seen the most growth over 24 hours, up more than 17 percent and selling for $44.32 at press time. This growth was likely caused by a Jan. 12 CNBC interview with Michael Sonnenshein, director at Bitcoin (BTC) and ETC investment fund Grayscale, speaking about the future of digital currency investment in terms of ETC.

Altcoin Neo also saw a small rise, growing almost three percent over 24 hours and selling for $137.45 at press time, with Bitcoin Gold also slightly up with 0.37 percent growth over 24 hours and selling for $297.98 at press time.

Bitcoin is down about seven percent over 24 hours and is trading at press time for an average of $13,474.70, higher than the Dec. 22 market low price of $12,850.